Key Highlights of Insolvency & Bankruptcy Code, 2016


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Increase in Stamp Duty on Share Certificates and Other Instruments by State of Haryana

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The Haryana State Government in order to curb the malpractices adopted by some of the Corporate holding their Board Meetings in Gurgaon or some other places in Haryana and executing the share certificates (i.e. instruments) over there, thereby evading the stamp duty on share certificates, and also finding the stamp duty on a lower side, has amended the Article 19 of Schedule 1A (as applicable to Haryana) of the Indian Stamp Act, 1899 (“Act”) vide notification dated 1st October 2013 in exercise of the power under Article 246 (3) read with Entry 63 of List II of Seventh Schedule of Constitution of India, and increased the stamp duty levied on the share certificates evidencing the right or title of the holder thereof, or any other person, to the shares in such certificates, equivalent to the stamp duty levied on such share certificates in the National Capital Territory of Delhi. Mr. Abhishek Bansal Sr. Associate +919873191956 abhishek@indiacp.com Further a new clause (d) t...
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Leaves & Holidays under Indian Labour & Employment Laws

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Holidays and Leaves of workers in India are governed principally by the Factory Act, 1948 and state shops and establishment acts. Weekend Holidays Mr. Pankaj Singla Sr. Associate +919971508320 pankaj@indiacp.com In India, the law prescribes maximum number of hours a week a worker may not be employed beyond. An adult worker shall not be employed for more than 48 (forty eight) hours in a week and not more than 9 (nine) hours in a day. Weekly holiday is compulsory as per the Factories Act. First day of the week i.e. Sunday shall be a weekly holiday. The employer has to make sure that no worker works more than 10 days without a rest day of 24 hours. Therefore, if the worker is asked to work on weekly
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SEBI's Circulars About Enhancing Liquidity And Curbing Manipulation Regarding Illiquid Scrips

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SEBI recently has come out with two different circulars in respect to illiquid scrips wherein one circular talks about enhancing liquidity in the illiquid scrips by promoting incentives by stock exchanges on trading in such scrips, another circular aims at curbing manipulations in the illiquid scrips by introducing Periodic Call Auction in illiquid scrips. Ms. Deepika Vijay Sawhney Partner +919818316936 deepika@indiacp.com The definition of illiquid scrips is kept different in both the circulars with the definition being much wider in case of scrips qualifying for Periodic Call Auctions. The provisions of both the circulars are discussed in detail hereunder: 1. Introduction of Liquidity Enhancement Scheme for illiquid scrips in Equity Cash Market by Circular dated February 08, 2013:
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